Deed of assignment: life or endowment policy on divorce

This deed of assignment transfers the rights to an insurance policy or endowment policy to your former spouse or partner. Use by agreement or by order of the Court. Use to transfer all you own, whether all or half share.

Suitable for use in: ACT, NSW, NT, QLD, SA, TAS, VIC and WA
Price A$19.00
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About this deed of assignment for a life insurance policy

Use this deed of assignment to transfer a life insurance policy to a former spouse or life partner. The transfer will be complete and valid only when the insurer has been formally notified. As well as the deed document, we have included a template notice for that purpose.

We offer a simpler version of this document, if you are a trustee assigning the policy to a beneficiary: Deed of assignment: life or endowment policy by trustees.

If you are selling or buying a policy for money, use a similar document which you will find at Deed of assignment: life insurance policy or endowment policy

Completing this deed of assignment

For technical legal reasons, all assignments of life policies must be by deed and not signed by hand. The main practical difference is that a deed requires a witness to the signatures. Unless it is more convenient to do otherwise, the same witness can verify the signatures of both parties.

Taxation of life assurance policies is complex and we recommend that you consult with a tax accountant. The effect of tax is also an important consideration in assessing the value to the assignee of the policy.

Document features and contents

The deed of assignment includes the following paragraphs:

  • Warranties by the assignor;
  • The assignment;
  • Dispute resolution;
  • Severance and invalidity;
  • Form: Notice of Assignment to deliver to the insurer and bank.
Draftsman

This document was written by a solicitor for Net Lawman. It complies with current Australian law.

AU-LDGnov08 - Deed of assignment: life or endowment policy on divorce (Suitable for use in: ACT, NSW, NT, QLD, SA, TAS, VIC and WA)

 
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